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That valuation cut was from before the whole shitstorm. We've yet to see the impact that this has all had on them, but given the attempts to crush the protests by the reddit admins, when they've just sort of ignored this stuff in the past, its likely not good
On one hand, it's likely exactly what they wanted. They get a vanilla app with vanilla content, perfectly tailored for vanilla investors. The part they forgot is that the beacon of internet culture will never be vanilla.
They basically buzzfeedified themselves
They tumblr'd themselves and they haven't even 100% gotten to the porn part. I hope all the only fans people on reddit have backups and start jumping ship.
Most amazing thing about them doing this is, its not some random CEO with no connection to reddit doing it. Its the literal founder
*co-founder
If I recall correctly
Steve and Alexis were the founders, in 2005. Aaron joined later, when reddit bought/merged with notabug inc, Aaron's company